Get ready for onslaught of new taxes

During the campaign, Barack Obama let it be known that he believes in redistribution of your income … this means giving government entitlements to the takers from the makers.

We do know a little about how redistribution of income will be accomplished. Though it is entirely possible, given the “ruler” mentality of the Obama administration, I don’t expect brown or black shirts at my door to physically require me to hand over my earnings in cash. No, the taking will be more subtle through all manner of taxation.

This is what is in store for us in the next four years of Barack Obama’s presidency.

If a Democrat Senate allows the Bush tax cuts allowed to all taxpayers to expire in January 2013, 100 million Americans will be affected (including those in the lowest tax brackets). The average U.S household will see an average increase of $3,700 in taxes. The child tax credit will be reduced from $1,000 per child to $500 per child. The amount of college tuition that can be deducted will be drastically decreased. Dependent care credit for families with children in day care will be reduced. The return of the “marriage penalty” will increase taxes for the lowest two tax brackets of married couples.

You can expect more control from the IRS that will allow the IRS to disallow completely legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed.

Add these disallowed deductions, increased tax rates and all other taxes imposed by government and we will find these increased taxes will impact all hard-working families.